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The British government is supporting proposals that seek to capture carbon dioxide emissions from industrial plants and store them underwater (The New York Times, subscription).

The technology: Carbon capture works by collecting carbon dioxide emissions from industrial plants and then burying them deep underground—often in underwater rock formations in the ocean. By capturing emissions, this technology has the potential to extend the life of current industrial plants while reducing their impact on the environment.

The plan: The Labour government of the United Kingdom announced on Friday that it would invest 22 billion pounds—nearly $30 billion—to support carbon capture and storage plans over the course of the next 25 years. The announcement provides a significant boost for carbon capture as an environmental strategy.

• According to the government, the plans will support two zones for carbon capture—one in England’s northeast region and one in the northwest—and will create 4,000 jobs while supporting 50,000 more.

The goal: “The hope is that as these businesses gain scale, the costs and the amount of government support needed will fall. When up and running, these projects could store 8.5 million metric tons a year, the government said.”

• “The British government also hopes that as climate regulations tighten, the availability of a carbon dioxide collection service will attract new industrial investment and encourage owners to keep existing plants open.”

The big picture: According to the International Energy Agency, more than 50 million metric tons of carbon dioxide are currently being stored via carbon capture worldwide. The agency believes that this number needs to rise to one billion metric tons per year by 2030 to meet present climate goals.

Across the pond: In the U.S., the Inflation Reduction Act’s expansion of the 45Q tax credit and the Bipartisan Infrastructure Law’s Carbon Capture Demonstration Program are helping manufacturers pursue carbon capture and sequestration.